Zacks Investment Research upgraded shares of Avalara (NYSE:AVLR) from a sell rating to a hold rating in a research report sent to investors on Monday.
According to Zacks, “Avalara Inc. is a provider of cloud-based tax compliance solutions. It offers businesses of all sizes achieve compliance with transaction taxes including sales and use, VAT, excise, communications and other tax types. Avalara Inc. is based in Seattle, United States. “
AVLR has been the subject of a number of other reports. Goldman Sachs Group increased their target price on Avalara to $44.00 and gave the stock a buy rating in a research note on Thursday, August 16th. Bank of America lowered their target price on Avalara from $50.00 to $42.00 and set a neutral rating for the company in a research note on Friday, November 9th. KeyCorp reissued a buy rating and set a $47.00 target price on shares of Avalara in a research note on Sunday, October 14th. JPMorgan Chase & Co. increased their target price on Avalara to $38.00 and gave the stock a neutral rating in a research note on Thursday, November 8th. Finally, JMP Securities raised Avalara from a market perform rating to an outperform rating and set a $40.00 target price for the company in a research note on Thursday, November 8th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Avalara presently has an average rating of Hold and a consensus price target of $42.14.
Avalara (NYSE:AVLR) last posted its earnings results on Wednesday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.02). The company had revenue of $69.50 million during the quarter, compared to analyst estimates of $66.27 million. Avalara’s revenue was up 25.7% compared to the same quarter last year. On average, equities research analysts anticipate that Avalara will post -0.97 earnings per share for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in AVLR. TD Asset Management Inc. acquired a new position in Avalara during the 2nd quarter worth approximately $547,000. Pier Capital LLC acquired a new position in Avalara during the 2nd quarter worth approximately $6,857,000. American Century Companies Inc. acquired a new position in Avalara during the 2nd quarter worth approximately $2,669,000. First Allied Advisory Services Inc. acquired a new position in Avalara during the 2nd quarter worth approximately $999,000. Finally, BlackRock Inc. acquired a new position in Avalara during the 2nd quarter worth approximately $25,777,000. 71.37% of the stock is owned by hedge funds and other institutional investors.
Avalara, Inc provides transaction tax compliance cloud-based solutions worldwide. It offers a suite of compliance solutions that enable businesses to address the complexity of transaction tax compliance; process transactions in real time; produce detailed records of transaction tax determinations; and reduce errors, audit exposure, and total transaction tax compliance costs.
Recommended Story: Preferred Stock
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Avalara Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avalara and related companies with MarketBeat.com's FREE daily email newsletter.